Fisher Asset Management LLC Sells 30,598 Shares of Southern Copper Corporation $SCCO

Fisher Asset Management LLC cut its holdings in Southern Copper Corporation (NYSE:SCCO) by 1.2% in the third quarter, HoldingsChannel reports. The firm owned 2,529,034 shares of the basic materials company’s stock after selling 30,598 shares during the period. Fisher Asset Management LLC’s holdings in Southern Copper were worth $306,924,000 as of its most recent SEC filing.

A number of other large investors have also recently added to or reduced their stakes in SCCO. MJT & Associates Financial Advisory Group Inc. grew its position in shares of Southern Copper by 65.1% in the third quarter. MJT & Associates Financial Advisory Group Inc. now owns 213 shares of the basic materials company’s stock valued at $26,000 after purchasing an additional 84 shares during the last quarter. Covestor Ltd raised its stake in shares of Southern Copper by 30.4% in the third quarter. Covestor Ltd now owns 360 shares of the basic materials company’s stock valued at $44,000 after purchasing an additional 84 shares in the last quarter. Avanza Fonder AB raised its stake in shares of Southern Copper by 1.0% in the 3rd quarter. Avanza Fonder AB now owns 8,663 shares of the basic materials company’s stock valued at $1,051,000 after buying an additional 86 shares in the last quarter. Redwood Wealth Management Group LLC lifted its stake in Southern Copper by 1.5% during the third quarter. Redwood Wealth Management Group LLC now owns 5,999 shares of the basic materials company’s stock worth $728,000 after purchasing an additional 89 shares during the period. Finally, Convergence Investment Partners LLC raised its holdings in shares of Southern Copper by 0.7% in the 3rd quarter. Convergence Investment Partners LLC now owns 13,743 shares of the basic materials company’s stock worth $1,668,000 after buying an additional 98 shares in the last quarter. Institutional investors own 7.94% of the company’s stock.

Insider Transactions at Southern Copper

In other Southern Copper news, Director Bonilla Luis Miguel Palomino sold 403 shares of Southern Copper stock in a transaction dated Wednesday, December 3rd. The shares were sold at an average price of $137.83, for a total value of $55,544.87. Following the completion of the sale, the director owned 1,275 shares in the company, valued at $175,731.28. The trade was a 24.02% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Lerdo De Tejada Leon Contreras sold 9,326 shares of the stock in a transaction that occurred on Tuesday, February 3rd. The stock was sold at an average price of $209.56, for a total value of $1,954,344.91. Following the sale, the director directly owned 605 shares in the company, valued at $126,783.04. This represents a 93.91% decrease in their position. The SEC filing for this sale provides additional information. 0.07% of the stock is currently owned by corporate insiders.

Southern Copper Stock Performance

NYSE SCCO opened at $218.93 on Tuesday. Southern Copper Corporation has a 1 year low of $74.84 and a 1 year high of $223.88. The company has a current ratio of 4.52, a quick ratio of 3.91 and a debt-to-equity ratio of 0.64. The firm has a market capitalization of $177.81 billion, a P/E ratio of 41.15, a price-to-earnings-growth ratio of 2.25 and a beta of 1.03. The firm’s fifty day moving average price is $182.44 and its two-hundred day moving average price is $143.49.

Southern Copper Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, February 27th. Stockholders of record on Tuesday, February 10th were paid a dividend of $1.00 per share. The ex-dividend date was Tuesday, February 10th. This represents a $4.00 annualized dividend and a dividend yield of 1.8%. This is an increase from Southern Copper’s previous quarterly dividend of $0.90. Southern Copper’s dividend payout ratio is presently 75.19%.

Analyst Upgrades and Downgrades

A number of research analysts have recently issued reports on the stock. Scotiabank reiterated an “underperform” rating on shares of Southern Copper in a research note on Tuesday, January 27th. Citigroup reiterated a “sell” rating on shares of Southern Copper in a research report on Monday, January 12th. Bank of America downgraded Southern Copper from a “neutral” rating to an “underperform” rating and upped their price objective for the company from $162.00 to $175.00 in a report on Thursday, February 26th. UBS Group reaffirmed a “sell” rating and issued a $148.74 target price (up from $146.75) on shares of Southern Copper in a research note on Tuesday, February 3rd. Finally, Wells Fargo & Company set a $190.38 price objective on Southern Copper and gave the company an “equal weight” rating in a report on Thursday, January 29th. Two research analysts have rated the stock with a Buy rating, three have assigned a Hold rating and eight have given a Sell rating to the company’s stock. According to MarketBeat.com, the company currently has an average rating of “Reduce” and an average target price of $139.99.

Southern Copper Profile

Southern Copper Corporation (NYSE: SCCO) is a large, integrated copper producer whose operations span the full value chain from exploration and mining to smelting, refining and the sale of copper and other metal products. The company produces a range of copper products including copper concentrate and refined cathodes, and recovers valuable byproducts such as molybdenum, silver and zinc. Southern Copper concentrates on high-volume, long-life assets designed to support steady production and processing capabilities.

Southern Copper’s operations are concentrated in Peru and Mexico, where it owns and operates multiple large-scale mining and processing facilities.